Debt-ridden Chinese man had 25 credit cards

A Chinese man who earned just over $300 a month had 25 credit cards. His parents were forced to sell their house to repay their son's debts.

The parents of the young man, who earns about 2,000 yuan ($317) a month and boasts of 25 credit cards, had to sell their house to repay their son's debts, reported China Daily citing Xinmin Evening News.

A People's Bank of China report said that up to the first quarter of 2012, Chinese banks had issued 3.1 billion bank cards with an increasingly fast growth in overdrafts on credit cards.